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1. 100% Equity Model

The document presents a consolidated financial statement for a Parent Corporation and its subsidiary, Son Corporation, as of December 31, 2024. It includes an income statement showing total revenue of $750,000 and net income of $229,000, as well as a balance sheet detailing total assets of $2,195,000. Additionally, it provides a statement of retained earnings reflecting a total of $645,000 after accounting for dividends paid.

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Geofrey Rivera
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9 views

1. 100% Equity Model

The document presents a consolidated financial statement for a Parent Corporation and its subsidiary, Son Corporation, as of December 31, 2024. It includes an income statement showing total revenue of $750,000 and net income of $229,000, as well as a balance sheet detailing total assets of $2,195,000. Additionally, it provides a statement of retained earnings reflecting a total of $645,000 after accounting for dividends paid.

Uploaded by

Geofrey Rivera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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100% EQUITY MODEL

Worksheet for Consolidated Financial Statements


December 31, 2024

Income Statement Parent Corp Son Corp. Debit Credit Consolidated


Sales 450,000 300,000 750,000
Invstment Income 69,000 69,000 4 -
Total Revenue 519,000 300,000 750,000
Cost of Goods Sold 180,000 160,000 340,000
Depreciation expense 50,000 20,000 5,000 3 75,000
Interest expense 1,000 3 1,000
Goodwill impairment loss -
Other expenses 60,000 45,000 105,000
Total Cost and Expenses 290,000 225,000 521,000
Net Income to Retained Earnings 229,000 75,000 229,000

Statement of Retained Earnings


Retained earnings, 1/1
Parent Corporation 416,000 416,000
Son Corporation 120,000 120,000 1 -
Net Income from above 229,000 75,000 229,000
Total 645,000 195,000 645,000
Dividends paid
Parent Corporation 60,000 60,000
Son Corporation 40,000 40,000 4 -
Retained earnings, 12/31 to Balance Sheet 585,000 155,000 585,000

Balance Sheet Parent Corp Son Corp. Consolidated


Cash 157,500 85,000 242,500
Accounts receivable 150,000 80,000 230,000
Inventory 180,000 90,000 - 270,000
Land 175,000 40,000 6,000 2 221,000
Equipment 200,000 150,000 350,000
Buildings 600,000 450,000 180,000 3 870,000
Discount on Bonds Payable 3,000 2 1,000 3 2,000
Goodwill 9,500 2 9,500
Investment in Son Corporation 422,500 320,000 1
-
73,500 2
29,000 4
Total 1,727,500 810,000 2,195,000

Accumulated depreciation - equipment 125,000 85,000 70,000 2 10,000 3 150,000


Accumulated depreciation - buildings 375,000 255,000 165,000 2 460,000
5,000 3
Accounts payable 100,000 100,000 200,000
Bonds Payable 200,000 100,000 300,000
Ordinary shares, P10 par 500,000 200,000 200,000 1 500,000
Retained earnings, from above 585,000 155,000 585,000
Total 1,885,000 895,000 653,500 653,500 2,195,000

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